Bitcoin Forum

Interesting development. Curious as to how it might affect the price of Bitcoin when the ATM's are in place. I worry the Greeks don't even have much money left to purchase Bitcoin now. I mean, being able to buy food comes first.

Will Greek law and their government allow these ATM's? If the government can close your bank account down and take your money, you have to wonder.

'Bitcoin service provider and exchange Cubits has partnered with Greek bitcoin exchange BTCGreece to install 1,000 bitcoin ATMs and help small and medium sized businesses move money.

“We are creating the ecosystem of bitcoin and blockchain solutions in the Greek market.” BTCGreece founder Thanos Marinos told CoinTelegraph. “That will include the rollout of 1,000 ATMs and solutions for the e-commerce and tourism industry. Partnering with best of breed companies in the bitcoin space will enable us to provide the Greeks with solutions that will ease the difficulties of the capital controls.” '

http://cointelegraph.com/news/115143/greece-to-receive-1000-bitcoin-atms-as-trust-in-banks-long-gone (http://cointelegraph.com/news/115143/greece-to-receive-1000-bitcoin-atms-as-trust-in-banks-long-gone)

Indeed it is an interesting development.
However I think this should have been done a long time ago.
Like you said: Food comes first.

And this is how mainstream adoption happens.

1000....yeah...for sure  ::)

i read so many news where companies announced that and it never happend. even 10 atms would be good for greece.

This is very good news and its bound to dive adoption.

Could not agree more with this:



Just hope that the fees are not so high that it discourages people from using them.

“Btcgreece and Cubits are offering a solution to the small and medium sized businesses to keep their operations, pay their invoices outside of Greece, pay for datacenter and servers, without the limitations imposed by the banks under capital controls.”
i like your job man :)
now we can save ower money and we have own bank  ;D

Piraeus Bank, the 2nd biggest Greek Bank, has around 1400 ATMs all over Greece. So, 1000 Bitcoin ATMs seems a bit ambitious...
PS: Life continues as usual here in Greece, and of course we don't starve . The Greek State may be bankrupt, but the Greeks are not. ;)

so if the greeks put their euro's into btc to "protect its value" and the price of btc goes down, how is that helping them at all??

Well for one thing, they will be able to access all their funds, even if its worth less. Currently with the controls in place they can only take out small amounts each day or week.

Added to that is the uncertainty of whether all their funds will ever be available. For some the fact that they can access all their funds and the fact that they know its not tied up in a bankrupt bank [as that is what they are] will outweigh a decrease in value.

Forgot to add, there is of course also the upside should bitcoin increase in value.

They need to get their funds out in the first place to buy btc.  So saying the bitcoin atm's will help with funds availability is not true at all.

Once they get their funds out, they have access to them regardless if they convert to btc or not.

This is a good move however it would have been much more helpful to the people of Greece if this happened last year, it is a risk that Bitcoin could decrease in value but there is also the chance that it will increase so it is a risk.  Hell they had all their money in a bank which was supposed to be secure and look what happened so I would guess that Bitcoin is as safe as a bank right now in Greece.

after bitcoin price down with Bitcoin XT issue
i see good point to up now :)

Greece will be big market for bitcoin

Yeah I was thinking the same thing, 1000 ATM's would be a pretty significant investment, I want to see it before I believe it.

Paypal have been going on for well.... Years now about how much they love Bitcoin and want to implement it and afterwards? Nothing, of course, in fact they've done the opposite and tried to restrict Bitcoin activity on their sites as much as possible.

Lets hope their transactions go through if they start to use it. But I guess 8 transactions/second should be enough for everyone, especially if there is another "stress test".

Are the capital controls still on in Greece? If yey, then they are a bit late. Or they are just preparing the ground for the moment when capital controls soften or get removed all together by the Greek government. I bet there will be some movement then and that many people would buy at least 1 bitcoin.

Yes, this sounds like so many other announcements like "32,000 merchants in Europe will be able to accept bitcoins" only to find out that each merchant has to add some software to their payment system and set up their payment information with the company.

What Bitcoin ATM company even has the manufacturing capability for 1000 ATMs?

As for it being too late? Greece is definitely not out of the woods, they will crash again. Nothing really changed except they got some more money to waste.

Just to mention that when one major bank in Greece such as Piraeus Bank has around 1743 ATM in its nationwide network i think the announcement is just marketing BS for impressions... except if the deployment starts now with one BTM and the target number wiil be reached after 30 years....

I'm wondering what btc atm company has even manufactured 1000 total, or if 1000 are even working total in the whole world!

Yes I understand that. What I means was if they had the choice of putting money into a bank and or into bitcoin then the obvious choice would be to put it into bitcoin as it would then be available whereas with the bank it will not, at least not all of it.

So bitcoin ATM's in that context will help with making funds more readily available.

I find the ATMs a good idea. They allow you to buy bitcoins very easily and without troubles. Buying them now imply using an exchange, send money to another banks, set up accounts etc etc... i am pretty sure this discourage a lot of people

yeah we had 2 of them and now only 1 with ridicilus fees. Bitcoin is the only way to bypass capital controls but there is not cheap bitcoin here in Greece. The exchanges sell bitcoin with a fee 20% and very high for the market price.

I don't trust Coin Telegraph. They have a tendency to exaggerate things. Two years ago, they posted an article about the plan to open some 500 Bitcoin ATMs in the United Arab Emirates (UAE). Time has passed, and not a single ATM has been opened there. Similarly, there was another article about the plan to open 100 or so ATMs in Cyprus. That also, never happened.

Hopefully one day, Bitcoin will be the official currency in Greece

Unfortunately whoever put them there is only looking out for themselves.  With all the debate and drama over xt, I would hate to see greeks lose ever more purchasing power if they went into btc.  I dont have a lot of confidence for using btc as a "store of value".  I dont think the people of greece need any more headaches than they already have.

that is another strange story indeed. braintree is working with bitcoin but i dont see much progress. of course they want to keep their fucking paypal in place.